Is gambling with cryptocurrency the same as gambling at a casino? Differentiate - page 3.

Wexnident

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Quote from: ? on October 31, 2024, 02:54:45 AM

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I think you are meshing gambling and trading together? They can be both done when it comes to crypto imo, you can gamble your money into trying out a cryptocurrency you found or something but even the smallest decision like investing in a random top 10 coin already takes it outside of the realm of gambling and puts it into the realm of trading. Why? Because you started thinking. You started making decisions about a certain asset you wanted to invest in and THAT can influence the result. That doesn't happen in gambling. No matter how much you start thinking about what game to play or what timing to roll the dice, the odds are and will always be the same.

If you were to pick something than trading to describe it but similar to gambling, then I'd call it a calculated gamble. It's a gamble, yes, but the calculated part makes the entire difference.

rimoeee

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Do you mean trading with cryptocurrency or using cryptocurrency as a tool or means of exchange in a gambling scenario? If you mean trading with cryptocurrency then there is a big difference because gambling is solely based on luck, done during leisure and it's done as a form of entertainment while trading is based on technical and fundamental market analysis. Trading also involves buying and selling although both trading and gambling has uncertain outcomes but they are completely different in so many ways.

EL MOHA

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Quote from: Oshosondy on October 31, 2024, 03:49:48 AM

You do not understand what trading is. That is why you are saying it is the same as gambling. Trading is not gambling but it is very risky just like gambling. Trading is trading. Gambling is gambling.

If it is about going to spot market to trade, that is trading. If you go to casino to gamble while playing some games, that is gambling.

I will put it this simple trading actually has a variable loss where you can buy and sell anytime either at a loss, break even or at a profit but with gambling you have a fixed result either it is a win or loss. Trading actually gives you the edge to predict the market with analysis like either fundamentals or mostly used one which is technical analysis.

Although many can say that it is all about chance for both cases I think you can actually control the chance a bit with trading strategy and because you see the market trend and can make predict base on historical data and events on what next will happen but with gambling you don’t have such opportunity.

Quote from: Oshosondy on October 31, 2024, 02:16:34 PM

Although you are right that gambling sites have house edge, unlike trading that people are the ones making the profit and the loss from each other.

This will be limited to not trading memecoins because to me the devs here have edge either to dump the token or rug it, so this is actually like gambling unlike trading utility coins

yudi09

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If you think a little about the meaning of the two objects you are referring to, then you should find the definition of both. What is cryptocurrency and what is gambling.
If our minds put forward unscientific goals, it is possible that people with the same intentions will think that both are the same and you are right.

Casinos that support cryptocurrency for deposits, then cryptocurrency used as a means of betting can be called gambling. If people make cryptocurrency to exchange, then it is called trading. It depends on the type of trading that is done.

Oshosondy

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Quote from: pawel7777 on October 31, 2024, 11:54:07 AM

The main characteristic of gambling is that you're expected to lose money in the long run, because of the casinos advantage (edge) that you mentioned. This is not true for cryptos, or at least not for Bitcoin, which, at least so far, tends to appreciate in value over the long term.

You could argue whether investing in Bitcoin is a zero-sum game (i.e., your profit is another man's loss). I'd say this is more true for short-term trading but not necessarily for long-term investing.

What OP is talking about is trading and not investing in bitcoin or other crypto coins. Investing in bitcoin is better if done at the right time but trading is very risky.

Also you only explained about bitcoin but there are other cryptocurrencies which have higher volatility and that resembles gambling.

Although you are right that gambling sites have house edge, unlike trading that people are the ones making the profit and the loss from each other.

pawel7777

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The main characteristic of gambling is that you're expected to lose money in the long run, because of the casinos advantage (edge) that you mentioned. This is not true for cryptos, or at least not for Bitcoin, which, at least so far, tends to appreciate in value over the long term.

You could argue whether investing in Bitcoin is a zero-sum game (i.e., your profit is another man's loss). I'd say this is more true for short-term trading but not necessarily for long-term investing.

Oshosondy

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You do not understand what trading is. That is why you are saying it is the same as gambling. Trading is not gambling but it is very risky just like gambling. Trading is trading. Gambling is gambling.

If it is about going to spot market to trade, that is trading. If you go to casino to gamble while playing some games, that is gambling.

?

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Cryptocurrency gambling can be seen as similar to gambling at a casino in the sense that both involve risking something of value in order to gain something else of value. You can be on the winning side today and on the losing side tomorrow too. However, here are some key differences between these gambling. Gambling games are games of chance where you could theoretically win or lose, but there is monetary value involved.
Gambling is based on chance, while cryptocurrency is based on mathematics/calculations and cryptography.
With gambling, you are betting against the casino house and board members, but with cryptocurrency you are betting against other people that have more or the same and similar amounts of money as you do.
In casino gambling there is usually a guaranteed win for them because they have an edge on their games while in crypto it requires strategies and skill to top up your game.

Topic: Is gambling with cryptocurrency the same as gambling at a casino? Differentiate - page 3. (Read 571 times)